Phenol Derivatives Market: Overview
The market for phenol derivatives witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. The level of demand declined to the extreme level due to lockdown creating hurdles for the key players operating in this market. However as recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Leading corporations including LG Chemical Ltd., INEOS, Midas Pharma, The Dow Chemical Company, Royal Dutch Shell, Mitsui Chemicals, Rheinmetall Waffe Munition and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings. They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for phenol derivatives solvent with largest market share.
For instance, LG Chem obtained Korea's international eco-friendly certification. ISCC (International Sustainability and Carbon Certification) Plus for the production of bio balanced products produced with the help of renewable plant-based raw materials. This certification enables LG Chem to use nine types of bio balanced products used in diapers, IT devices, home appliances, and electric vehicle parts. In addition to this, LG Chem recently announced the launch of 6 new types of Y-solution products and Renewal YVOIRE, which has a new syringe, named ASIST-Y, with a non-slip material applied to the area the hand touches, in April 2021. Asia Pacific region is expected to show a significant growth owing to the emergence of new players and focus on eco-friendly and highly sustainable products in the developing countries. The bio based derivatives are gaining prominence among the end users in the North American and European regions and are projected to be lucrative through 2030. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
Extensive Usage in Diverse Industries Likely to Trigger Phenol Derivatives Market Growth
For decades, chemicals have been attracting the interest of various end use industries, globally, and phenol is a widely used chemical, an organic compound. Phenol has in fact become an asset for industrial application in many end use industries. Synthetically obtained from phenol, phenol derivatives are a significant class of aromatic compounds, with huge applications across different industries.
The phenol derivatives market has been witnessing growth over time, and is projected to gain profits, owing to its extensive usage in medical devices, food and drink packaging, compact disc, and impact resistant safety equipment. These chemical compounds are highly used in household product, such as mouthwash, cleaners, and as intermediates for industrial synthesis. The growing use of phenol derivatives in first surgical antiseptic and anesthesia are creating lucrative opportunities for the manufacturers of phenol derivatives.
Phenol derivatives have huge applications in automotive industry and electronics and electrical goods in the form of epoxy resins and polycarbonate. Surging demand for phenol derivatives from end-use industries like wind energy, are constantly moving the market towards growth.
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Key Drivers and Challenges in Phenol Derivatives Market
- The phenol derivatives market is composed of a wide range of highly-used compounds, including salicylic, nitro, bisphenol A, alkyl,
bakelite, and hydroxyl. With huge applications in compact discs, coatings paints, detergents, antiseptics, electrical appliances, lotions, cream, bactericides, pesticides, and pacemaker, etc., the phenol derivatives are likely to witness huge demand form end-user industries, including pharmaceutical, electronics, healthcare devices, and personal care.
- The degradation of phenol derivatives is not only a daunting task for manufacturers as compared to other derivatives, but is also hazardous for human beings. Being highly toxic in nature, phenol derivatives usage is prohibited in many parts of the world, which is likely to hinder the growth of phenol derivatives market.
- Excessive use of phenol derivatives can cause breathing issues, may lead to fever, nausea, headache, vomiting, sever pain, swelling, irritation and redness around the mouth. With the growing number of people gaining awareness about ill effects of phenol derivatives, the compound is expected to be ditched, further hindering the growth of phenol derivatives market.
Trends and Opportunities
- Manufacturers of phenol derivatives continue to focus on eco-friendly and highly sustainable products, owing to the growing inclination of the consumers towards environment-friendly solutions. In the forthcoming years, the bio-based derivatives are likely to gain prominence among the end use consumers.
- The leading manufacturers of phenol derivatives have been increasingly focusing on strategic approaches and are adopting diverse organic and inorganic growth strategies, including acquisitions, agreements, and expansions, to hold highest possible shares of phenol derivatives.
- The rapidly increasingly global competitive landscape is hard pressing the chemical companies to incorporate innovation in their products, and to focus on the development of Green Chemistry, which is becoming pivotal for the companies for their holistic development and growth.
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Extensively Used Phenol Derivative Bisphenol –A Expected to Trigger Phenol Derivatives Market
Bisphenol-A is a widely used phenol derivative, commonly adopted to produce polycarbonates and epoxy resins. Polycarbonate has huge applications in drink and food packaging industries, like in manufacturing impact-resistant safety equipment, medical instruments, water and baby bottles, and compact discs, etc. Additionally, epoxy resins are highly used by manufacturers to coat metal products, including bottle tops, water supply pipes, and food cans. Bisphenol-A, a widely used derivative of phenol, is also found in numerous thermal paper products, such as ATM receipts and cash register. Thus, phenol derivatives market is anticipated to grow on the back of extensive uses of Phenol derivatives, like Bisphenol- A.
Competitive Landscape: Phenol Derivatives Market
There are wide range of large, medium and small companies operating in the phenol derivatives market. Some of the leading stakeholders in phenol derivatives market are:
- LG Chemical Ltd.
- Midas Pharma
- The Dow Chemical Company
- Royal Dutch Shell
- Mitsui Chemicals
- Rheinmetall Waffe Munition
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Segmentation: Phenol Derivatives Market
The phenol derivatives market can be segmented on the basis of derivative and application.
Based on application, the phenol derivative market can be classified as:
- Chemical Intermediate
- Other Industrial
By derivative, the phenol derivatives market can be segmented as:
- Epoxy Resin
- Alkyl Phenol
- Phenolic Resin
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